S. Korea Could Lift GDP by Welcoming 1m Foreign Grads: Study

South Korea could unlock over US$100 billion (S$128.2 billion) in economic value by welcoming one million more skilled foreign graduates, according to new research that emphasizes immigration as a possible answer to the country's shrinking workforce.

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The Korea Chamber of Commerce and Industry (KCCI) and a research team led by Korea University economics professor Kim Duk-pa released the findings on Aug. 13. They analyzed the economic effects of foreign talent using data from all 17 administrative regions of Korea between 2012 and 2023.

The study found that when the share of registered foreign university graduates in the economically active population rises by one percentage point, per capita gross regional domestic product increases by about 0.11 percent.

As at July, South Korea had a population of 51.68 million, according to Statistics Korea. About 29.75 million are classed as economically active, meaning they are aged 15 or older and either employed or actively seeking work.